The Kraft Heinz Co. has agreed to purchase Assan Foods from privately-held Turkish conglomerate Kibar Holding for an undisclosed sum in a deal that values the enterprise at approximately $100 million, according to a press release.
Assan Foods is a sauces-focused business with local manufacturing facilities in Balikesir and Izmir that has been a certified production partner for Kraft Heinz since 2019 and offers Kraft Heinz the opportunity to build its retail and foodservice business across Europe, the Middle East and Africa.
Headquartered in Istanbul, Assan Foods was established in Balikesir in 1998 as a Kibar Holding investment. The company manufactures and sells tomato paste, ketchup, mayonnaise, pasta and meat sauces sold under brands such as Colorado, Kingtom, and Oba, as well as private label. With approximately 400 employees, Assan Foods serves the domestic market and exports to around 50 countries on four continents.
The deal is subject to customary closing conditions including merger control approval, and is expected to be completed in the second half of 2021.
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